COMTECH TELECOMMUNICATIONS CORP /DE/

Listed Company

CMTLCIK 0000023197NasdaqNon-AcceleratedSmaller ReportingRadio & Tv Broadcasting & Communications EquipmentDelawareFY ends Jul 31

Period

FY 2025

Revenue

$499.53M

Net Income

$-155.30M

Total Assets

$740.84M

Equity

$104.42M

Shares Out

29.68M

Op. Cash Flow

$-8.29M

Business

COMTECH TELECOMMUNICATIONS CORP /DE/ designs, manufactures and supports critical communications technology and solutions for government, defense, public safety and commercial customers. It offers satellite ground infrastructure (modems, amplifiers, frequency converters), troposcatter systems, space components and antennas, cybersecurity training, NG-911 infrastructure, call-handling, location and messaging services. The company operates through two reportable segments: Satellite and Space Communications and Allerium (public safety and location technologies). It sells domestically and internationally to U.S. federal, state and local governments, defense contractors, mobile network operators and commercial integrators via direct and indirect channels.

Summary from filing dated 2025-11-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-07-31	FY 2024 2024-07-31	FY 2023 2023-07-31	FY 2022 2022-07-31	FY 2021 2021-07-31
Net sales	500	540	550	486	582
Cost of sales	372	383	366	306	368
Gross profit	128	157	184	180	214
Selling, general and administrative	143	123	120	115	112
Research and development	17	24	49	53	49
Amortization of intangibles	22	21	21	21	21
Impairment of long-lived assets, including goodwill	80	65	0	0	—
CEO transition costs	2	3	9	14	0
Loss on business divestiture	0	1	0	0	—
Proxy solicitation costs	3	0	0	11	0
Total operating expenses	267	237	199	214	282
Operating loss	−139	−80	−15	−34	−68
Interest expense	46	22	15	5	7
Interest (income) and other	155,000	678,000	1	−703,000	−139,000
Write-off of deferred financing costs and debt discounts	9	2	0	0	0
Change in fair value of warrants and derivatives	−38	−4	0	0	0
Loss before benefit from income taxes	−155	−100	−31	−37	−75
Income Tax Expense (Benefit)	−80,000	−295,000	−4	−4	−2
Net loss	−155	−100	−27	−33	−73
Gain (loss) on extinguishment of convertible preferred stock	51	−20	0	0	—
Dividend on convertible preferred stock	−100	−12	−7	−5	0
Convertible preferred stock issuance costs	0	−4	0	−4	0
Net loss attributable to common stockholders	−204	−135	−34	−43	−73
Basic (in dollars per share)	−6.95	−4.7	−1.21	−1.63	−2.86
Diluted (in dollars per share)	−6.95	−4.7	−1.21	−1.63	−2.86
Weighted average number of common shares outstanding - basic (in shares)	29	29	28	27	26
Weighted average number of common and common equivalent shares outstanding - diluted (in shares)	29	29	28	27	26

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-07-31	FY 2024 2024-07-31	FY 2023 2023-07-31	FY 2022 2022-07-31	FY 2021 2021-07-31
Cash and cash equivalents	40	32	19	22	31
Accounts receivable, net	145	196	163	124	158
Inventories, net	69	93	106	96	80
Prepaid expenses and other current assets	16	15	18	22	18
Total current assets	270	337	305	263	287
Property, plant and equipment, net	43	47	53	50	35
Operating lease right-of-use assets, net	31	32	44	50	44
Goodwill	205	284	348	348	348
Intangibles with finite lives, net	173	195	226	247	269
Deferred financing costs, net	2	3	2	1	2
Other assets, net	17	15	17	15	8
Total assets	741	912	996	974	993
Accounts payable	26	42	64	45	36
Accrued expenses and other current liabilities	58	62	67	73	90
Current portion of credit facility, net	4	4	4	0	—
Operating lease liabilities, current	7	8	9	9	9
Contract liabilities	63	66	66	65	66
Interest payable	15,000	1	1	172,000	195,000
Total current liabilities	158	184	212	193	204
Non-current portion of credit facility, net	114	174	—	—	—
Non-current portion of subordinated credit facility, net	96	0	—	—	—
Operating lease liabilities, non-current	29	30	42	44	40
Income taxes payable, non-current	2	2	2	3	3
Deferred tax liability, net	5	6	9	15	21
Long-term contract liabilities	21	21	18	10	10
Warrant and derivative liabilities	18	5	—	—	—
Other liabilities	4	4	2	6	15
Total liabilities	447	426	446	403	492
Commitments and contingencies (See Note 14)	—	—	—	—	—
Convertible preferred stock, par value $0.10 per share; authorized and issued 178,181 shares at July 31, 2025 (redemption value of $204,153,000, which includes accrued dividends of $1,520,000) and authorized and issued 171,827 shares at July 31, 2024 (redemption value of $180,076,000, which includes accrued dividends of $1,341,000)	190	180	112	105	—
Preferred stock, par value $0.10 per share; authorized and unissued 1,821,819 and 1,828,173 shares at July 31, 2025 and 2024, respectively	0	0	0	0	0
Common stock, par value $0.10 per share; authorized 100,000,000 shares; issued 44,443,626 shares and 43,766,109 shares at July 31, 2025 and 2024, respectively	4	4	4	4	4
Additional paid-in capital	549	640	637	625	605
Retained (deficit) earnings	−7	104	239	279	333
Stockholders' equity before treasury stock	546	748	880	908	943
Treasury stock, at cost (15,033,317 shares at July 31, 2025 and 2024)	−442	−442	−442	−442	−442
Total stockholders equity	104	306	438	467	501
Total liabilities, convertible preferred stock and stockholders equity	741	912	996	974	993

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-07-31	FY 2024 2024-07-31	FY 2023 2023-07-31	FY 2022 2022-07-31	FY 2021 2021-07-31
Depreciation and amortization of property, plant and equipment	12	12	12	10	9
Amortization of stock-based compensation	3	6	10	8	10
Amortization of deferred financing costs and debt discount related to credit facility	5	4	2	811,000	736,000
Amortization of Costs to Fulfill Assets	261,000	960,000	959,000	469,000	0
CEO transition costs related to equity-classified stock-based awards	0	0	4	7	0
Change in fair value of convertible preferred stock purchase option liability	0	0	0	—	—
Paid-in-kind interest under term loan	6	337,000	0	0	—
Amortization of deferred financing costs, debt discount and accreted interest related to subordinated credit facility	8	0	0	—	—
Changes in other liabilities	0	−4	−4	−4	−7
Loss on disposal of property, plant and equipment	310,000	889,000	48,000	−310,000	215,000
Provision for allowance for doubtful accounts and contract assets	18	1	261,000	838,000	−18,000
Provision for excess and obsolete inventory	16	3	5	4	4
Deferred income tax benefit	−2	−3	−6	−6	−3
Accounts receivable	33	−38	−40	34	−31
Inventories	8	−8	−15	−20	−2
Prepaid expenses and other current assets	−1	4	2	−3	−265,000
Other assets	−2	−717,000	−3	−7	−4
Accounts payable	−15	−19	20	7	11
Accrued expenses and other current liabilities	−9	755,000	671,000	−11	−8
Contract liabilities	−3	3	10	−1	25
Other liabilities, non-current	−12,000	14,000	−324,000	−4	4
Interest payable	−1	−296,000	1	−22,000	32,000
Income taxes payable	−380,000	−2	2	−1	3
Net cash used in operating activities	−8	−54	−4	2	−41
Purchases of property, plant and equipment	−9	−13	−18	−20	−16
Net cash (used in) provided by investing activities	−9	20	−18	−20	−15
Proceeds from subordinated credit facility	100	0	0	—	—
Contribution for constructing long-lived assets	3	0	0	—	—
Proceeds from term loan	0	157	0	0	—
Repayment of term loan	57	49	2	0	0
Net (payments) borrowings under revolving loans	−15	−85	37	−71	52
Payment of deferred financing costs and debt discount	−5	−10	−4	−140,000	−30,000
Proceeds from issuance of convertible preferred stock	0	43	0	100	0
Payment of convertible preferred stock issuance costs and fees	−726,000	−4	0	—	—
Cash dividends paid on common stock	−158,000	−268,000	−9	−11	−10
Remittance of employees' statutory tax withholding for stock awards	−1	−4	−3	−6	−3
Proceeds from issuance of employee stock purchase plan shares	118,000	254,000	470,000	734,000	809,000
Repayment of principal amounts under finance lease and other obligations	0	0	−4,000	−15,000	−38,000
Net cash provided by financing activities	24	48	20	8	39
Net increase (decrease) in cash and cash equivalents	8	13	−3	−9	−17
Interest	28	18	12	4	6
Income taxes, net	2	5	361,000	3	−1
Adjustment to reflect redemption value of convertible preferred stock	96	16	7	10	0
Term loan amendment fees paid-in-kind	6	0	0	—	—
Accrued term loan amendment fee	3	0	0	—	—
Accrued additions to property, plant and equipment	317,000	961,000	993,000	6	2
Issuance of restricted stock	6,000	0	9,000	13,000	4,000
Accrued remittance of employees' statutory tax withholdings for fully-vested share units	3,000	424,000	1	1	3
Cash dividends declared on common stock but unpaid, including (reversal) accrual of dividend equivalents	−42,000	−107,000	315,000	3	3
Accrued deferred financing costs	0	1	0	0	139,000
Accrued shelf registration costs	0	170,000	0	0	—
Unpaid convertible preferred stock issuance costs	0	77,000	0	0	—

Filings

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